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by Mike Caswell

The Canadian Investment Regulatory Organization has begun a case against Matthew Philip Ewing, a former National Bank Financial Inc. employee accused of falsifying account documents, entering thousands of discretionary trades and having personal financial dealings with clients in the hundreds of thousands of dollars. CIRO claims that Mr. Ewing's conduct occurred over a lengthy period of time and "puts the reputation of the securities industry into disrepute." His actions included borrowing $900,000 from one client and using the account of another as collateral for the loan, CIRO says.

The allegations are contained in a notice of hearing that CIRO released on Sept. 18, 2024. The notice identifies Mr. Ewing as a brokerage industry employee who has worked in the industry since 2011. He was last at a Mississauga branch of National Bank Financial, which fired him in November, 2022.

The case centres in part on account statements that Mr. Ewing falsified in 2022 in order to hide losses. According to CIRO, a couple (only identified as "JP" and "DP") had accounts with Mr. Ewing that had decreased in value substantially, falling to $1.14-million from $1.9-million over a one-year period. CIRO says that the value of the accounts became an issue when the clients wanted to purchase a house in August, 2022.

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